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Tampa Bankruptcy And Reorganization Blog

Can Chapter 13 bankruptcy payments be lowered?

When filing for Chapter 13 bankruptcy, you will have already had some financial trouble in repaying creditors. The purpose of Chapter 13 is to help people repay their debts in a way that they can afford, and to stop the harassment from creditors. It is already a great deal of work to create and submit the original paperwork, and the judge will only sign off a filing if he or she believes that it is realistic to pay off.

However, your circumstances can change and you may now be in a position where you can no longer afford the repayments that were originally agreed on. Maybe you lost your job or you are experiencing health problems and cannot work.

Tampa Bay nursing home files Chapter 11 bankruptcy

It has been announced that the GraceWood rehabilitation and nursing care facility has filed for Chapter 11 bankruptcy. They have decided to reorganize their business largely due to an overwhelming amount of accusations and consequential fines relating to patient abuse.

The nursing home, based in Pinellas Park, has had more than its fair share of problems in recent times, with the allegations placing it on a national list of the most-troubled institutions in the country.

Reporting requirements for Chapter 12 bankruptcy

In the case of a Chapter 12 bankruptcy, a voluntary petition should be filed, and after this has been filed, a United States trustee may want to meet with you along with your attorneys. This is generally held within seven to 10 calendar days after the voluntary petition is filed. This meeting will be a general discussion on your financial situation and how Chapter 12 bankruptcy operates.

This meeting will then be followed by a meeting between creditors within 20 to 25 days after the filing of your petition. You and your attorney should appear, and you will be examined under oath.

Product liability and chapter 11 bankruptcy

A mass recall causes many problems. There's the damage to your reputation, but also the cost of replacing thousands of dollars of merchandise. Depending on the recall, there is often a product liability lawsuit to go with it. In severe cases where products cause actual harm, the damage can be so costly it puts the company in debt.

One example is Takata Corp, who made defective airbags used in Honda, Toyota and other cars across the world. They're being sued for damages--perhaps upwards of a $50 billion settlement.

Calculating your payment plan for Chapter 13

In the cases of individual bankruptcy, there are three main kinds of bankruptcy to choose from: Chapter 7, Chapter 11 and Chapter 13. All are ways to try and relieve the debtor of their pressures and help them to get back on track.

Chapter 13 bankruptcy has the purpose of helping a debtor put forward a repayment plan so that he or she can avoid surrendering property and instead helps him or her catch up with the repayments. This blog will offer a brief overview on how this payment plan is likely to be calculated.

Tax obligations while your bankruptcy is pending or discharged

Bankruptcy can change how you go about filing your taxes. One of the worst mistakes you can make is assuming that the way you've filed them at other stages in your life is the same approach you'll use when your bankruptcy is still pending or recently wrapped up.

Instead, as someone with an impending or recently discharged bankruptcy, you'll essentially be seen as what amounts to an "estate" after you file for bankruptcy.

Common questions about debt discharge in bankruptcy

Debt discharge occurs when a court rules that the debtor is no longer liable for certain debts that they previously owed. It can often be the case in individual bankruptcy cases under Chapter 11.

This blog will serve as a brief overview on how debt discharge works in more detail, and will answer some commonly asked questions.

Bankruptcy for farmers: The basics

Bankruptcy under Chapter 12 is designed specifically for family agricultural businesses, such as family farmers and family fishermen. The idea is that the family farmer of fisherman can create a feasible repayment plan over three to five years, which allows them to pay off all or part of their debts without losing their business.

Buddy D. Ford, P.A. has extensive experience representing the interests of debtors, such as an orchid farm in Central Florida, and creditors, including a local bank in Northwest Florida, in Chapter 12 bankruptcies throughout the Middle District of Florida.

This blog will serve as a brief introduction to Chapter 12 bankruptcy and how it can help family agricultural businesses to get back on their feet. 

What are the benefits of a Chapter 13 Bankruptcy?

The main component of a Chapter 13 Bankruptcy is that it forms a scheme for the individual to be able to feasibly repay all or part of his or her debts. It is ideal for those with a regular income, and is a way for an individual to avoid liquidating all of his or her assets.

The repayment plan is usually set to three years if the debtor's current monthly income is less than the median average for the state. If it is more than the state median, the plan is usually for five years. A five-year plan is the absolute maximum that a repayment plan under Chapter 13 bankruptcy can be.

What can be done about debt collector harassment?

Debt collection harassment is a harsh realty for many individuals, and can be a problem for those with large estates considering filing for bankruptcy. This blog gives a brief overview of what restrictive laws are in place against debt collector harassment.

The Fair Debt Collection Practices Act

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